Sphere 3D Corp. has formally accomplished its acquisition of Cathedra Bitcoin, combining two publicly traded corporations right into a single entity centered on pivoting to Bitcoin mining, energy infrastructure, and in the end AI workloads. The all-stock transaction will give Cathedra shareholders roughly 49% possession within the mixed firm.
Cathedra at the moment operates as an entirely owned subsidiary of Sphere 3D and can proceed to commerce on the Nasdaq beneath its present ticker (ANY). The deal, first introduced on March 5, 2026, acquired near-unanimous assist from each shareholder teams earlier than clearing last regulatory hurdles.
What the corporate will seem like after the merger
The mixed operation spans 5 information facilities throughout Tennessee, Kentucky and Iowa. The whole footprint delivers a managed energy capability of 53 MW and a hash fee of 1.2 EH/s.
The transaction consisted solely of fairness and no money was exchanged. Cathedra safety holders acquired shares representing roughly 49% of the brand new firm, though some giant holders had been restricted to 7% possession via the issuance of most well-liked inventory. This cover is a governance mechanism designed to stop a single legacy Cathedra holder from wielding outsized affect inside the mixed entity.
Approval course of and shareholder assist
Cathedra shareholders voted on Could 15, with 99.95% voting in favor of the transaction. Sphere 3D shareholders additionally filed swimsuit on Could twenty first, and the British Columbia Supreme Court docket granted last courtroom approval on Could twenty sixth. The British Columbia Supreme Court docket’s involvement displays Cathedra’s Canadian incorporation, as Cathedra beforehand traded on the TSX Enterprise Change beneath the ticker CBIT and within the U.S. over-the-counter market as CBTTF.
The connection between AI and HPC
The mixed firm has introduced plans to broaden into synthetic intelligence and high-performance computing internet hosting companies alongside its present Bitcoin mining enterprise. The proposal is straightforward. If you happen to already personal energy infrastructure and information heart house, repurposing a few of that capability for AI workloads is a logical subsequent step. Whereas 53 MW of managed capability makes Sphere 3D concretely operational, changing a mining facility into an AI-grade information heart requires vital capital funding in networking, energy density upgrades, and cooling programs that far exceed the calls for of Bitcoin ASICs.
